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CAPREIT Reports Continued Growth and Strong Operating Performance in First Quarter of 2021 TORONTO , ONTARIO , ( Globe Newswire ) - May 13 , 2021 Canadian Apartment Properties Real Estate Investment Trust ( " CAPREIT " ) ( TSX : CAR.UN ) announced today continuing strong operating and financial results for the three months ended March 31 , 2021 . HIGHLIGHTS : For the Three Months Ended March 31 , Portfolio Perf mance Overall portfolio occupancy ( 1 ) Overall portfolio net Average Monthly Rents ( ¹ ) ( 2 ) Operating revenues ( 000s ) Net rental income ( " NOI " ) ( 000s ) NOI Margin Financial Performance Normalized Funds from Operations ( " NFFO " ) ( 000s ) ( 3 ) NFFO per Unit - basic ( 3 ) Cash distributions per Unit FFO payout ratio ( 3 ) NFFO payout ratio ( 3 ) Liquidity and Leverage Total debt to gross book value ( ¹ ) Total debt to gross historical cost ( 1 ) Weighted average mortgage interest rate ( ¹ ) Weighted average mortgage term ( years ) ( ¹ ) Debt service coverage ( times ) ( 4 ) Interest coverage ( times ) ( 4 ) Available liquidity - Acquisition and Operating Facility ( 000s ) ( ¹ ) Cash and cash equivalents ( 000s ) ( ¹ ) For the Three Months Ended March 31 , Other Measures -- Weighted average number of Units - basic ( 000s ) Number of residential suites and sites acquired Number of suites disposed Closing price of Trust Units ( ¹ ) Market capitalization ( millions ) ( ¹ ) ( 1 ) As at March 31 . LA LA . 2021 97.3 % 1,115 $ 227,506 $ 146,652 $ 64.5 % 95,942 0.556 0.345 63.1 % 62.3 % $ LA LA LA 2021 172,469 $ 35.21 % 49.78 % 2.58 % 5.62 1.99 3.95 578,349 $ 51,534 $ $ 2020 ( 5 ) 53.86 $ 9,336 $ 98.2 % 1,105 216,060 138,058 63.9 % ( 1 ) As at March 31 . ( 2 ) Net Average Monthly Rent ( " Net AMR " ) is defined as actual residential rents , excluding vacant units , divided by the total number of suites and sites in the property and does not include revenues from parking , laundry or other sources . ( 3 ) These measures are not defined by IFRS , do not have standard meanings and may not be comparable with other industries or companies . Please refer to the cautionary statements under the heading " Non - IFRS Financial Measures " and the reconciliations provided in this press release . ( 4 ) Based on the trailing four quarters . ( 5 ) Certain 2020 comparative figures have been adjusted to conform with current period presentation . 93,147 0.547 0.345 63.7 % 63.3 % 35.86 % 48.98 % 2.82 % 4.92 1.97 3.86 99,192 182,256 2020 170,206 1,724 6 42.59 7,258